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Natural Resource Partners L.P. Reports Third Quarter 2024 Results and Declares Third Quarter 2024 Distribution of $0.75 per Common Unit
Natural Resource Partners L.P. Reports Third Quarter 2024 Results and Declares Third Quarter 2024 Distribution of $0.75 per Common
About this update from Natural Resource Partners Lp Limited Partnership
[{"type":"text","content":" \nNatural Resource Partners L.P. (NYSE:NRP) today reported third quarter 2024 results as follows:\n \n \n \n \n \nFor the Three Months\n Ended \n \n \nLast Twelve Months\n Ended (In thousands) (Unaudited) \n \n \nSeptember 30, 2024 \nNet income\n \n \n \n$\n \n38,595\n \n \n \n \n \n$\n \n205,852\n \n \n \nOperating cash flow\n \n \n \n \n \n54,145\n \n \n \n \n \n \n \n260,059\n \n \n \nFree cash flow (1) \n \n \n \n \n54,818\n \n \n \n \n \n \n \n262,671\n \n \n __________________ \n \n \n(1) \nSee \"Non-GAAP Financial Measures\" and reconciliation tables at the end of this release.\n \nHighlights: Generated $54.8 million of free cash flow in the third quarter of 2024 \nRedeemed $31.7 million of preferred units at par with cash; Zero of original $250 million preferred units remain outstanding \nExecuted five-year $200 million credit facility in October, maturing 2029 \nPaid second quarter 2024 common unit distribution of $0.75 per unit \nDeclares third quarter 2024 common unit distribution of $0.75 per unit \n\"NRP generated $55 million of free cash flow in the third quarter of 2024 and $263 million of free cash flow over the last twelve months,\" said Craig Nunez, NRP's president and chief operating officer. \"While pricing for coal and soda ash remain weak, we continue to make progress toward our goal of paying off all financial obligations. In the third quarter we paid off all outstanding preferreds, leaving just under $200 million of debt remaining to reach our goal.”\n \nMr. Nunez continued, “While we believe relatively weak coal and soda ash prices will persist for at least the next year, we expect the partnership to continue generating sufficient cash to achieve our deleveraging goals. We remain steadfast in our belief this is the best strategy to maximize the intrinsic value of the partnership and we look forward to the day common unitholders will have no competing stakeholder claims on free cash flow generated by the partnership.”\n \nNRP announced today that the board of directors of its general partner declared a third quarter 2024 cash distribution of $0.75 per common unit to be paid on November 26, 2024, to unitholders of record on November 19, 2024. The board of directors considers numerous factors each quarter in determining cash distributions including profitability, cash flow, debt service obligations, market conditions and outlook, estimated unitholder income tax liability, and the level of cash reserves that the board determines is necessary for future operating and capital needs.\n \nSegment Performance Mineral Rights \nMineral Rights net income for the third quarter of 2024 decreased $20.4 million as compared to the prior year period. Mineral Rights operating cash flow and free cash flow each decreased $7.3 million as compared to the prior year period. These decreases were primarily due to lower metallurgical coal sales prices as well as lower thermal coal sales prices and volumes as compared to the prior year period. Approximately 75% of coal royalty revenues and approximately 55% of coal royalty sales volumes were derived from metallurgical coal in the third quarter of 2024.\n \nMetallurgical coal prices continued to decline in the third quarter of 2024 primarily driven by muted steel demand resulting from sluggish construction activity in China and Europe as well as weak manufacturing demand globally. NRP expects pricing to remain relatively soft for both metallurgical and thermal coal as muted global steel demand impacts metallurgical coal and mild weather, low natural gas prices, and high inventory levels impact thermal coal. However, continued price support above historical norms is expected due to limited access to capital for operators, qualified labor shortages, and input cost inflation.\n \nNRP continues to explore carbon neutral revenue opportunities across its ownership footprint. While the timing and likelihood of additional cash flows from these activities is uncertain, NRP believes its large ownership throughout the United States provides additional opportunities to create value in this regard with minimal capital investment by NRP. NRP's carbon neutral revenue opportunities include the sequestration of carbon dioxide underground and in standing forests, lithium production, and the generation of electricity using geothermal, solar, and wind energy.\n Soda Ash \nSoda Ash net income in the third quarter of 2024 decreased $4.3 million as compared to the prior year period primarily due to significantly lower sales prices driven by increased global production capacity, primarily from China, and weaker demand for flat glass due to a slowdown in global construction activity and weakness in demand for automobiles. Operating cash flow and free cash flow in the third quarter of 2024 decreased $16.7 million as compared to the prior year period due to a lower cash distribution received from Sisecam Wyoming in the third quarter of 2024.\n \nNRP believes it will take several years for the world to absorb the additional soda ash supply recently introduced into the market and allow prices to rise back to historically normal equilibrium levels. The timing of this absorption will be highly dependent on China, which currently produces and consumes roughly 50% of global soda ash.\n Corporate and Financing \nCorporate and Financing net income decreased $0.6 million in the third quarter of 2024 as compared to the prior year period. Operating cash flow and free cash flow each decreased $0.8 million in the third quarter of 2024 as compared to the prior year period. These decreases were primarily due to higher interest expense and cash paid for interest as a result of increased borrowings on the credit facility in 2024 used to permanently retire the preferred units and warrants.\n \nNRP redeemed the remainder of the outstanding $31.7 million of preferred units during the third quarter of 2024. NRP has now retired all $250 million of its originally issued preferred units.\n \nIn October 2024, NRP amended its $200 million credit facility and extended its maturity two years, now due October 2029. This amendment and extension provide greater flexibility and security for the partnership in the coming years.\n \nRegarding distributions, in August 2024, NRP declared and paid a second quarter 2024 cash distribution of $0.75 per common unit and a $0.95 million cash distribution on its preferred units. Today, NRP declared a third quarter 2024 cash distribution of $0.75 per common unit.\n \nNRP's available liquidity was $76.2 million at September 30, 2024, consisting of $30.9 million of cash and $45.3 million of borrowing capacity available under its revolving credit facility.\n \nNRP's consolidated leverage ratio was 0.8x at September 30, 2024.\n \nConference Call \nA conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: https://registrations.events/direct/Q4I154484 . After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full conference call we suggest registering at minimum 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com . To access the replay, please visit the Investor Relations section of NRP’s website.\n \nWithholding Information for Foreign Investors \nConcurrent with this announcement, we are providing qualified notice to brokers and nominees that hold NRP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of NRP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, NRP's distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the sum of the highest applicable rate plus ten percent (10%).\n \nCompany Profile \nNatural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of properties in the United States including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. NRP also owns an equity investment in Sisecam Wyoming LLC, one of the world’s lowest-cost producers of soda ash.\n \nFor additional information, please contact Tiffany Sammis at 713-751-7515 or [email protected] . Further information about NRP is available on the partnership’s website at http://www.nrplp.com .\n Forward-Looking Statements \nThis press release includes “ forward-looking statements ” as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: future distributions on the Partnership ’ s common and preferred units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees; Sisecam Wyoming LLC ’ s trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners ’ Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Non-GAAP Financial Measures \"Adjusted EBITDA\" is a non-GAAP financial measure that we define as net income (loss) less equity earnings from unconsolidated investment; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis. “Distributable cash flow ” or \"DCF\" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; less maintenance capital expenditures. DCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. DCF may not be calculated the same for us as for other companies. In addition, distributable cash flow is not calculated or presented on the same basis as distributable cash flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. Distributable cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt. “Free cash flow ” or \"FCF\" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less maintenance and expansion capital expenditures and cash flow used in acquisition costs classified as investing or financing activities. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt. \"Leverage ratio\" represents the outstanding principal of NRP's debt at the end of the period divided by the last twelve months' Adjusted EBITDA as defined above. NRP believes that leverage ratio is a useful measure to management and investors to evaluate and monitor the indebtedness of NRP relative to its ability to generate income to service such debt and in understanding trends in NRP ’ s overall financial condition. Leverage ratio may not be calculated the same for NRP as for other companies and is not a substitute for, and should not be used in conjunction with, GAAP financial ratios. -Financial Tables and Reconciliation of Non-GAAP Measures Follow- \nNatural Resource Partners L.P. \nFinancial Tables \n(Unaudited) \nConsolidated Statements of Comprehensive Income \n \n \n \n \nFor the Three Months Ended \n \n \nFor the Nine Months Ended \n \n \n \n \nSeptember 30, \n \n \nJune 30, \n \n \nSeptember 30, (In thousands, except per unit data) \n \n \n2024 \n \n \n2023 \n \n \n2024 \n \n \n2024 \n \n \n2023 \nRevenues and other income\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nRoyalty and other mineral rights\n \n \n \n$\n \n50,405\n \n \n \n \n \n$\n \n68,533\n \n \n \n \n \n$\n \n54,591\n \n \n \n \n \n$\n \n172,368\n \n \n \n \n \n$\n \n205,811\n \n \n \nTransportation and processing services\n \n \n \n \n \n1,812\n \n \n \n \n \n \n \n4,579\n \n \n \n \n \n \n \n2,661\n \n \n \n \n \n \n \n7,900\n \n \n \n \n \n \n \n11,447\n \n \n \nEquity in earnings of Sisecam Wyoming\n \n \n \n \n \n8,109\n \n \n \n \n \n \n \n12,401\n \n \n \n \n \n \n \n3,645\n \n \n \n \n \n \n \n17,204\n \n \n \n \n \n \n \n58,633\n \n \n \nGain on asset sales and disposals\n \n \n \n \n \n1\n \n \n \n \n \n \n \n854\n \n \n \n \n \n \n \n4,643\n \n \n \n \n \n \n \n4,809\n \n \n \n \n \n \n \n955\n \n \n \nTotal revenues and other income\n \n \n \n$\n \n60,327\n \n \n \n \n \n$\n \n86,367\n \n \n \n \n \n$\n \n65,540\n \n \n \n \n \n$\n \n202,281\n \n \n \n \n \n$\n \n276,846\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nOperating expenses\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nOperating and maintenance expenses\n \n \n \n$\n \n6,786\n \n \n \n \n \n$\n \n8,358\n \n \n \n \n \n$\n \n5,872\n \n \n \n \n \n$\n \n18,391\n \n \n \n \n \n$\n \n23,451\n \n \n \nDepreciation, depletion and amortization\n \n \n \n \n \n4,730\n \n \n \n \n \n \n \n4,594\n \n \n \n \n \n \n \n3,324\n \n \n \n \n \n \n \n12,708\n \n \n \n \n \n \n \n12,469\n \n \n \nGeneral and administrative expenses\n \n \n \n \n \n5,935\n \n \n \n \n \n \n \n5,669\n \n \n \n \n \n \n \n5,931\n \n \n \n \n \n \n \n18,193\n \n \n \n \n \n \n \n17,157\n \n \n \nAsset impairments\n \n \n \n \n \n87\n \n \n \n \n \n \n \n63\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n87\n \n \n \n \n \n \n \n132\n \n \n \nTotal operating expenses\n \n \n \n$\n \n17,538\n \n \n \n \n \n$\n \n18,684\n \n \n \n \n \n$\n \n15,127\n \n \n \n \n \n$\n \n49,379\n \n \n \n \n \n$\n \n53,209\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nIncome from operations\n \n \n \n$\n \n42,789\n \n \n \n \n \n$\n \n67,683\n \n \n \n \n \n$\n \n50,413\n \n \n \n \n \n$\n \n152,902\n \n \n \n \n \n$\n \n223,637\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nInterest expense, net\n \n \n \n$\n \n(4,194\n \n)\n \n \n \n$\n \n(3,837\n \n)\n \n \n \n$\n \n(4,349\n \n)\n \n \n \n$\n \n(12,030\n \n)\n \n \n \n$\n \n(10,182\n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNet income\n \n \n \n$\n \n38,595\n \n \n \n \n \n$\n \n63,846\n \n \n \n \n \n$\n \n46,064\n \n \n \n \n \n$\n \n140,872\n \n \n \n \n \n$\n \n213,455\n \n \n \nLess: income attributable to preferred unitholders\n \n \n \n \n \n(655\n \n)\n \n \n \n \n \n(2,936\n \n)\n \n \n \n \n \n(1,443\n \n)\n \n \n \n \n \n(4,248\n \n)\n \n \n \n \n \n(14,568\n \n)\n \nLess: redemption of preferred units\n \n \n \n \n \n(10,819\n \n)\n \n \n \n \n \n(17,083\n \n)\n \n \n \n \n \n(13,666\n \n)\n \n \n \n \n \n(24,485\n \n)\n \n \n \n \n \n(60,929\n \n)\n \nNet income attributable to common unitholders and the general partner\n \n \n \n$\n \n27,121\n \n \n \n \n \n$\n \n43,827\n \n \n \n \n \n$\n \n30,955\n \n \n \n \n \n$\n \n112,139\n \n \n \n \n \n$\n \n137,958\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNet income attributable to common unitholders\n \n \n \n$\n \n26,578\n \n \n \n \n \n$\n \n42,951\n \n \n \n \n \n$\n \n30,336\n \n \n \n \n \n$\n \n109,896\n \n \n \n \n \n$\n \n135,199\n \n \n \nNet income attributable to the general partner\n \n \n \n \n \n543\n \n \n \n \n \n \n \n876\n \n \n \n \n \n \n \n619\n \n \n \n \n \n \n \n2,243\n \n \n \n \n \n \n \n2,759\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNet income per common unit\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nBasic\n \n \n \n$\n \n2.04\n \n \n \n \n \n$\n \n3.40\n \n \n \n \n \n$\n \n2.33\n \n \n \n \n \n$\n \n8.47\n \n \n \n \n \n$\n \n10.72\n \n \n \nDiluted\n \n \n \n \n \n2.00\n \n \n \n \n \n \n \n2.91\n \n \n \n \n \n \n \n2.29\n \n \n \n \n \n \n \n8.21\n \n \n \n \n \n \n \n8.88\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNet income\n \n \n \n$\n \n38,595\n \n \n \n \n \n$\n \n63,846\n \n \n \n \n \n$\n \n46,064\n \n \n \n \n \n$\n \n140,872\n \n \n \n \n \n$\n \n213,455\n \n \n \nComprehensive income (loss) from unconsolidated investment and other\n \n \n \n \n \n82\n \n \n \n \n \n \n \n2,200\n \n \n \n \n \n \n \n1,239\n \n \n \n \n \n \n \n2,166\n \n \n \n \n \n \n \n(16,472\n \n)\n \nComprehensive income\n \n \n \n$\n \n38,677\n \n \n \n \n \n$\n \n66,046\n \n \n \n \n \n$\n \n47,303\n \n \n \n \n \n$\n \n143,038\n \n \n \n \n \n$\n \n196,983\n \n \n \nNatural Resource Partners L.P. \nFinancial Tables \n(Unaudited) \nConsolidated Statements of Cash Flows \n \n \n \n \nFor the Three Months Ended \n \n \nFor the Nine Months Ended \n \n \n \n \nSeptember 30, \n \n \nJune 30, \n \n \nSeptember 30, (In thousands) \n \n \n2024 \n \n \n2023 \n \n \n2024 \n \n \n2024 \n \n \n2023 \nCash flows from operating activities\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNet income\n \n \n \n$\n \n38,595\n \n \n \n \n \n$\n \n63,846\n \n \n \n \n \n$\n \n46,064\n \n \n \n \n \n$\n \n140,872\n \n \n \n \n \n$\n \n213,455\n \n \n \nAdjustments to reconcile net income to net cash provided by operating activities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nDepreciation, depletion and amortization\n \n \n \n \n \n4,730\n \n \n \n \n \n \n \n4,594\n \n \n \n \n \n \n \n3,324\n \n \n \n \n \n \n \n12,708\n \n \n \n \n \n \n \n12,469\n \n \n \nDistributions from unconsolidated investment\n \n \n \n \n \n6,320\n \n \n \n \n \n \n \n23,010\n \n \n \n \n \n \n \n7,584\n \n \n \n \n \n \n \n28,114\n \n \n \n \n \n \n \n66,140\n \n \n \nEquity earnings from unconsolidated investment\n \n \n \n \n \n(8,109\n \n)\n \n \n \n \n \n(12,401\n \n)\n \n \n \n \n \n(3,645\n \n)\n \n \n \n \n \n(17,204\n \n)\n \n \n \n \n \n(58,633\n \n)\n \nGain on asset sales and disposals\n \n \n \n \n \n(1\n \n)\n \n \n \n \n \n(854\n \n)\n \n \n \n \n \n(4,643\n \n)\n \n \n \n \n \n(4,809\n \n)\n \n \n \n \n \n(955\n \n)\n \nAsset impairments\n \n \n \n \n \n87\n \n \n \n \n \n \n \n63\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n87\n \n \n \n \n \n \n \n132\n \n \n \nBad debt expense\n \n \n \n \n \n1,058\n \n \n \n \n \n \n \n1,621\n \n \n \n \n \n \n \n293\n \n \n \n \n \n \n \n538\n \n \n \n \n \n \n \n813\n \n \n \nUnit-based compensation expense\n \n \n \n \n \n3,002\n \n \n \n \n \n \n \n2,766\n \n \n \n \n \n \n \n2,912\n \n \n \n \n \n \n \n8,878\n \n \n \n \n \n \n \n7,903\n \n \n \nAmortization of debt issuance costs and other\n \n \n \n \n \n(1,655\n \n)\n \n \n \n \n \n477\n \n \n \n \n \n \n \n(199\n \n)\n \n \n \n \n \n(2,603\n \n)\n \n \n \n \n \n1,043\n \n \n \nChange in operating assets and liabilities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nAccounts receivable\n \n \n \n \n \n(6,640\n \n)\n \n \n \n \n \n(2,610\n \n)\n \n \n \n \n \n2,918\n \n \n \n \n \n \n \n5,711\n \n \n \n \n \n \n \n4,090\n \n \n \nAccounts payable\n \n \n \n \n \n49\n \n \n \n \n \n \n \n(381\n \n)\n \n \n \n \n \n(580\n \n)\n \n \n \n \n \n98\n \n \n \n \n \n \n \n(850\n \n)\n \nAccrued liabilities\n \n \n \n \n \n392\n \n \n \n \n \n \n \n498\n \n \n \n \n \n \n \n1,916\n \n \n \n \n \n \n \n(5,917\n \n)\n \n \n \n \n \n(6,288\n \n)\n \nAccrued interest\n \n \n \n \n \n457\n \n \n \n \n \n \n \n599\n \n \n \n \n \n \n \n(677\n \n)\n \n \n \n \n \n192\n \n \n \n \n \n \n \n235\n \n \n \nDeferred revenue\n \n \n \n \n \n14,854\n \n \n \n \n \n \n \n(2,163\n \n)\n \n \n \n \n \n899\n \n \n \n \n \n \n \n16,781\n \n \n \n \n \n \n \n(4,963\n \n)\n \nOther items, net\n \n \n \n \n \n1,006\n \n \n \n \n \n \n \n(123\n \n)\n \n \n \n \n \n463\n \n \n \n \n \n \n \n(1,173\n \n)\n \n \n \n \n \n(1,399\n \n)\n \nNet cash provided by operating activities\n \n \n \n$\n \n54,145\n \n \n \n \n \n$\n \n78,942\n \n \n \n \n \n$\n \n56,629\n \n \n \n \n \n$\n \n182,273\n \n \n \n \n \n$\n \n233,192\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCash flows from investing activities\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nProceeds from asset sales and disposals\n \n \n \n$\n \n1\n \n \n \n \n \n$\n \n855\n \n \n \n \n \n$\n \n4,643\n \n \n \n \n \n$\n \n4,809\n \n \n \n \n \n$\n \n961\n \n \n \nReturn of long-term contract receivable\n \n \n \n \n \n673\n \n \n \n \n \n \n \n622\n \n \n \n \n \n \n \n659\n \n \n \n \n \n \n \n1,979\n \n \n \n \n \n \n \n1,830\n \n \n \nCapital expenditures\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(10\n \n)\n \nNet cash provided by investing activities\n \n \n \n$\n \n674\n \n \n \n \n \n$\n \n1,477\n \n \n \n \n \n$\n \n5,302\n \n \n \n \n \n$\n \n6,788\n \n \n \n \n \n$\n \n2,781\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCash flows from financing activities\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nDebt borrowings\n \n \n \n$\n \n23,000\n \n \n \n \n \n$\n \n50,000\n \n \n \n \n \n$\n \n40,493\n \n \n \n \n \n$\n \n152,850\n \n \n \n \n \n$\n \n215,034\n \n \n \nDebt repayments\n \n \n \n \n \n(36,000\n \n)\n \n \n \n \n \n(25,000\n \n)\n \n \n \n \n \n(19,000\n \n)\n \n \n \n \n \n(110,696\n \n)\n \n \n \n \n \n(176,061\n \n)\n \nDistributions to common unitholders and the general partner\n \n \n \n \n \n(9,986\n \n)\n \n \n \n \n \n(9,669\n \n)\n \n \n \n \n \n(9,987\n \n)\n \n \n \n \n \n(62,159\n \n)\n \n \n \n \n \n(60,238\n \n)\n \nDistributions to preferred unitholders\n \n \n \n \n \n(1,605\n \n)\n \n \n \n \n \n(4,437\n \n)\n \n \n \n \n \n(2,643\n \n)\n \n \n \n \n \n(6,398\n \n)\n \n \n \n \n \n(19,919\n \n)\n \nRedemption of preferred units\n \n \n \n \n \n(31,666\n \n)\n \n \n \n \n \n(50,001\n \n)\n \n \n \n \n \n(40,000\n \n)\n \n \n \n \n \n(71,666\n \n)\n \n \n \n \n \n(178,334\n \n)\n \nWarrant settlements\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(33,608\n \n)\n \n \n \n \n \n(10,000\n \n)\n \n \n \n \n \n(65,689\n \n)\n \n \n \n \n \n(33,608\n \n)\n \nOther items, net\n \n \n \n \n \n(2\n \n)\n \n \n \n \n \n(23\n \n)\n \n \n \n \n \n556\n \n \n \n \n \n \n \n(6,392\n \n)\n \n \n \n \n \n(3,527\n \n)\n \nNet cash used in financing activities\n \n \n \n$\n \n(56,259\n \n)\n \n \n \n$\n \n(72,738\n \n)\n \n \n \n$\n \n(40,581\n \n)\n \n \n \n$\n \n(170,150\n \n)\n \n \n \n$\n \n(256,653\n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNet increase (decrease) in cash and cash equivalents\n \n \n \n$\n \n(1,440\n \n)\n \n \n \n$\n \n7,681\n \n \n \n \n \n$\n \n21,350\n \n \n \n \n \n$\n \n18,911\n \n \n \n \n \n$\n \n(20,680\n \n)\n \nCash and cash equivalents at beginning of period\n \n \n \n \n \n32,340\n \n \n \n \n \n \n \n10,730\n \n \n \n \n \n \n \n10,990\n \n \n \n \n \n \n \n11,989\n \n \n \n \n \n \n \n39,091\n \n \n \nCash and cash equivalents at end of period\n \n \n \n$\n \n30,900\n \n \n \n \n \n$\n \n18,411\n \n \n \n \n \n$\n \n32,340\n \n \n \n \n \n$\n \n30,900\n \n \n \n \n \n$\n \n18,411\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nSupplemental cash flow information:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCash paid for interest\n \n \n \n$\n \n3,800\n \n \n \n \n \n$\n \n3,050\n \n \n \n \n \n$\n \n4,823\n \n \n \n \n \n$\n \n11,466\n \n \n \n \n \n$\n \n9,484\n \n \n \nNatural Resource Partners L.P. \nFinancial Tables \n(Unaudited) \nConsolidated Balance Sheets \n \n \n \n \nSeptember 30, \n \n \nDecember 31, \n \n \n \n \n2024 \n \n \n2023 (In thousands, except unit data) \n \n \n(Unaudited) \n \n \n \n \n \n \n \n \nASSETS\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCurrent assets\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCash and cash equivalents\n \n \n \n$\n \n30,900\n \n \n \n \n \n$\n \n11,989\n \n \n \nAccounts receivable, net\n \n \n \n \n \n36,886\n \n \n \n \n \n \n \n41,086\n \n \n \nOther current assets, net\n \n \n \n \n \n1,483\n \n \n \n \n \n \n \n2,218\n \n \n \nTotal current assets\n \n \n \n$\n \n69,269\n \n \n \n \n \n$\n \n55,293\n \n \n \nLand\n \n \n \n \n \n24,008\n \n \n \n \n \n \n \n24,008\n \n \n \nMineral rights, net\n \n \n \n \n \n382,274\n \n \n \n \n \n \n \n394,483\n \n \n \nIntangible assets, net\n \n \n \n \n \n13,109\n \n \n \n \n \n \n \n13,682\n \n \n \nEquity in unconsolidated investment\n \n \n \n \n \n267,806\n \n \n \n \n \n \n \n276,549\n \n \n \nLong-term contract receivable, net\n \n \n \n \n \n24,212\n \n \n \n \n \n \n \n26,321\n \n \n \nOther long-term assets, net\n \n \n \n \n \n9,187\n \n \n \n \n \n \n \n7,540\n \n \n \nTotal assets\n \n \n \n$\n \n789,865\n \n \n \n \n \n$\n \n797,876\n \n \n \nLIABILITIES AND CAPITAL\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCurrent liabilities\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nAccounts payable\n \n \n \n$\n \n984\n \n \n \n \n \n$\n \n885\n \n \n \nAccrued liabilities\n \n \n \n \n \n7,912\n \n \n \n \n \n \n \n12,987\n \n \n \nAccrued interest\n \n \n \n \n \n775\n \n \n \n \n \n \n \n584\n \n \n \nCurrent portion of deferred revenue\n \n \n \n \n \n5,823\n \n \n \n \n \n \n \n4,599\n \n \n \nCurrent portion of long-term debt, net\n \n \n \n \n \n14,226\n \n \n \n \n \n \n \n30,785\n \n \n \nTotal current liabilities\n \n \n \n$\n \n29,720\n \n \n \n \n \n$\n \n49,840\n \n \n \nDeferred revenue\n \n \n \n \n \n53,912\n \n \n \n \n \n \n \n38,356\n \n \n \nLong-term debt, net\n \n \n \n \n \n183,137\n \n \n \n \n \n \n \n124,273\n \n \n \nOther non-current liabilities\n \n \n \n \n \n5,903\n \n \n \n \n \n \n \n7,172\n \n \n \nTotal liabilities\n \n \n \n$\n \n272,672\n \n \n \n \n \n$\n \n219,641\n \n \n \nCommitments and contingencies\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nClass A Convertible Preferred Units (71,666 issued and outstanding at December 31, 2023 at $1,000 par value per unit)\n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n47,181\n \n \n \nPartners’ capital\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCommon unitholders’ interest (13,049,123 and 12,634,642 units issued and outstanding at September 30, 2024 and December 31, 2023, respectively)\n \n \n \n$\n \n509,258\n \n \n \n \n \n$\n \n503,076\n \n \n \nGeneral partner’s interest\n \n \n \n \n \n8,891\n \n \n \n \n \n \n \n8,005\n \n \n \nWarrant holders’ interest\n \n \n \n \n \n—\n \n \n \n \n \n \n \n23,095\n \n \n \nAccumulated other comprehensive loss\n \n \n \n \n \n(956\n \n)\n \n \n \n \n \n(3,122\n \n)\n \nTotal partners’ capital\n \n \n \n$\n \n517,193\n \n \n \n \n \n$\n \n531,054\n \n \n \nTotal liabilities and partners' capital\n \n \n \n$\n \n789,865\n \n \n \n \n \n$\n \n797,876\n \n \n \nNatural Resource Partners L.P. \nFinancial Tables \n(Unaudited) \nConsolidated Statements of Partners' Capital \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nAccumulated \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nOther \n \n \nTotal \n \n \n \n \nCommon Unitholders \n \n \nGeneral \n \n \nWarrant \n \n \nComprehensive \n \n \nPartners' (In thousands) \n \n \nUnits \n \n \nAmounts \n \n \nPartner \n \n \nHolders \n \n \nLoss \n \n \nCapital \nBalance at December 31, 2023\n \n \n \n \n \n12,635\n \n \n \n \n \n$\n \n503,076\n \n \n \n \n \n$\n \n8,005\n \n \n \n \n \n$\n \n23,095\n \n \n \n \n \n$\n \n(3,122\n \n)\n \n \n \n$\n \n531,054\n \n \n \nNet income (1) \n \n \n \n \n—\n \n \n \n \n \n \n \n55,089\n \n \n \n \n \n \n \n1,124\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n56,213\n \n \n \nDistributions to common unitholders and the general partner\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(41,342\n \n)\n \n \n \n \n \n(844\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(42,186\n \n)\n \nDistributions to preferred unitholders\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(2,107\n \n)\n \n \n \n \n \n(43\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(2,150\n \n)\n \nIssuance of unit-based awards\n \n \n \n \n \n126\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \nUnit-based awards amortization and vesting, net\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(3,971\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(3,971\n \n)\n \nCapital contribution\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n227\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n227\n \n \n \nWarrant settlements\n \n \n \n \n \n199\n \n \n \n \n \n \n \n(36,650\n \n)\n \n \n \n \n \n(748\n \n)\n \n \n \n \n \n(18,291\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(55,689\n \n)\n \nComprehensive income from unconsolidated investment and other\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n845\n \n \n \n \n \n \n \n845\n \n \n \nBalance at March 31, 2024\n \n \n \n \n \n12,960\n \n \n \n \n \n$\n \n474,095\n \n \n \n \n \n$\n \n7,721\n \n \n \n \n \n$\n \n4,804\n \n \n \n \n \n$\n \n(2,277\n \n)\n \n \n \n$\n \n484,343\n \n \n \nNet income (2) \n \n \n \n \n—\n \n \n \n \n \n \n \n45,142\n \n \n \n \n \n \n \n922\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n46,064\n \n \n \nRedemption of preferred units\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(13,393\n \n)\n \n \n \n \n \n(273\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(13,666\n \n)\n \nDistributions to common unitholders and the general partner\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(9,787\n \n)\n \n \n \n \n \n(200\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(9,987\n \n)\n \nDistributions to preferred unitholders\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(2,590\n \n)\n \n \n \n \n \n(53\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(2,643\n \n)\n \nUnit-based awards amortization and vesting\n \n \n \n \n \n—\n \n \n \n \n \n \n \n2,502\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n2,502\n \n \n \nCapital contribution\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n555\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n555\n \n \n \nWarrant settlements\n \n \n \n \n \n89\n \n \n \n \n \n \n \n(5,092\n \n)\n \n \n \n \n \n(104\n \n)\n \n \n \n \n \n(4,804\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(10,000\n \n)\n \nComprehensive income from unconsolidated investment and other\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n1,239\n \n \n \n \n \n \n \n1,239\n \n \n \nBalance at June 30, 2024\n \n \n \n \n \n13,049\n \n \n \n \n \n$\n \n490,877\n \n \n \n \n \n$\n \n8,568\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n(1,038\n \n)\n \n \n \n$\n \n498,407\n \n \n \nNet income (3) \n \n \n \n \n—\n \n \n \n \n \n \n \n37,824\n \n \n \n \n \n \n \n771\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n38,595\n \n \n \nRedemption of preferred units\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(10,602\n \n)\n \n \n \n \n \n(217\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(10,819\n \n)\n \nDistributions to common unitholders and the general partner\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(9,787\n \n)\n \n \n \n \n \n(199\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(9,986\n \n)\n \nDistributions to preferred unitholders\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(1,573\n \n)\n \n \n \n \n \n(32\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(1,605\n \n)\n \nUnit-based awards amortization and vesting\n \n \n \n \n \n—\n \n \n \n \n \n \n \n2,519\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n2,519\n \n \n \nComprehensive income from unconsolidated investment and other\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n82\n \n \n \n \n \n \n \n82\n \n \n \nBalance at September 30, 2024\n \n \n \n \n \n13,049\n \n \n \n \n \n$\n \n509,258\n \n \n \n \n \n$\n \n8,891\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n(956\n \n)\n \n \n \n$\n \n517,193\n \n \n _________________ \n(1) \nNet income includes $2.15 million of income attributable to preferred unitholders that accumulated during the period, of which $2.11 million is allocated to the common unitholders and $0.04 million is allocated to the general partner.\n \n(2) \nNet income includes $1.44 million of income attributable to preferred unitholders that accumulated during the period, of which $1.41 million is allocated to the common unitholders and $0.03 million is allocated to the general partner.\n \n(3) \nNet income includes $0.66 million of income attributable to preferred unitholders that accumulated during the period, of which $0.64 million is allocated to the common unitholders and $0.01 million is allocated to the general partner.\n \nNatural Resource Partners L.P. \nFinancial Tables \n(Unaudited) \n \n \nConsolidated Statements of Partners' Capital \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nAccumulated \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nOther \n \n \nTotal \n \n \n \n \nCommon Unitholders \n \n \nGeneral \n \n \nWarrant \n \n \nComprehensive \n \n \nPartners' (In thousands) \n \n \nUnits \n \n \nAmounts \n \n \nPartner \n \n \nHolders \n \n \nIncome (Loss) \n \n \nCapital \nBalance at December 31, 2022\n \n \n \n \n \n12,506\n \n \n \n \n \n$\n \n404,799\n \n \n \n \n \n$\n \n5,977\n \n \n \n \n \n$\n \n47,964\n \n \n \n \n \n$\n \n18,717\n \n \n \n \n \n$\n \n477,457\n \n \n \nNet income (1) \n \n \n \n \n—\n \n \n \n \n \n \n \n77,690\n \n \n \n \n \n \n \n1,585\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n79,275\n \n \n \nRedemption of preferred units\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(15,904\n \n)\n \n \n \n \n \n(324\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(16,228\n \n)\n \nDistributions to common unitholders and the general partner\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(40,082\n \n)\n \n \n \n \n \n(818\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(40,900\n \n)\n \nDistributions to preferred unitholders\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(7,924\n \n)\n \n \n \n \n \n(162\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(8,086\n \n)\n \nIssuance of unit-based awards\n \n \n \n \n \n129\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \nUnit-based awards amortization and vesting, net\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(1,178\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(1,178\n \n)\n \nCapital contribution\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n142\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n142\n \n \n \nComprehensive loss from unconsolidated investment and other\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(19,583\n \n)\n \n \n \n \n \n(19,583\n \n)\n \nBalance at March 31, 2023\n \n \n \n \n \n12,635\n \n \n \n \n \n$\n \n417,401\n \n \n \n \n \n$\n \n6,400\n \n \n \n \n \n$\n \n47,964\n \n \n \n \n \n$\n \n(866\n \n)\n \n \n \n$\n \n470,899\n \n \n \nNet income (2) \n \n \n \n \n—\n \n \n \n \n \n \n \n68,927\n \n \n \n \n \n \n \n1,407\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n70,334\n \n \n \nRedemption of preferred units\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(27,065\n \n)\n \n \n \n \n \n(553\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(27,618\n \n)\n \nDistributions to common unitholders and the general partner\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(9,476\n \n)\n \n \n \n \n \n(193\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(9,669\n \n)\n \nDistributions to preferred unitholders\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(7,248\n \n)\n \n \n \n \n \n(148\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(7,396\n \n)\n \nUnit-based awards amortization and vesting\n \n \n \n \n \n—\n \n \n \n \n \n \n \n2,299\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n2,299\n \n \n \nComprehensive income from unconsolidated investment and other\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n911\n \n \n \n \n \n \n \n911\n \n \n \nBalance at June 30, 2023\n \n \n \n \n \n12,635\n \n \n \n \n \n$\n \n444,838\n \n \n \n \n \n$\n \n6,913\n \n \n \n \n \n$\n \n47,964\n \n \n \n \n \n$\n \n45\n \n \n \n \n \n$\n \n499,760\n \n \n \nNet income (3) \n \n \n \n \n—\n \n \n \n \n \n \n \n62,569\n \n \n \n \n \n \n \n1,277\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n63,846\n \n \n \nRedemption of preferred units\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(16,741\n \n)\n \n \n \n \n \n(342\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(17,083\n \n)\n \nDistributions to common unitholders and the general partner\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(9,475\n \n)\n \n \n \n \n \n(194\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(9,669\n \n)\n \nDistributions to preferred unitholders\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(4,349\n \n)\n \n \n \n \n \n(88\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(4,437\n \n)\n \nUnit-based awards amortization and vesting\n \n \n \n \n \n—\n \n \n \n \n \n \n \n2,318\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n2,318\n \n \n \nWarrant settlement\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(18,117\n \n)\n \n \n \n \n \n(370\n \n)\n \n \n \n \n \n(15,121\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(33,608\n \n)\n \nComprehensive income from unconsolidated investment and other\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n2,200\n \n \n \n \n \n \n \n2,200\n \n \n \nBalance at September 30, 2023\n \n \n \n \n \n12,635\n \n \n \n \n \n$\n \n461,043\n \n \n \n \n \n$\n \n7,196\n \n \n \n \n \n$\n \n32,843\n \n \n \n \n \n$\n \n2,245\n \n \n \n \n \n$\n \n503,327\n \n \n ____________________ \n(1) \nNet income includes $6.66 million of income attributable to preferred unitholders that accumulated during the period, of which $6.53 million is allocated to the common unitholders and $0.13 million is allocated to the general partner.\n \n(2) \nNet income includes $4.97 million of income attributable to preferred unitholders that accumulated during the period, of which $4.87 million is allocated to the common unitholders and $0.10 million is allocated to the general partner.\n \n(3) \nNet income includes $2.94 million of income attributable to preferred unitholders that accumulated during the period, of which $2.88 million is allocated to the common unitholders and $0.06 million is allocated to the general partner.\n \nNatural Resource Partners L.P. \nFinancial Tables \n(Unaudited) \n \n \nThe following table presents NRP's unaudited business results by segment for the three months ended September 30, 2024 and 2023 and June 30, 2024:\n \n \n \n \n \n \nOperating Segments \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nMineral \n \n \n \n \n \n \n \n \n \n \nCorporate and \n \n \n \n \n \n \n \n (In thousands) \n \n \nRights \n \n \nSoda Ash \n \n \nFinancing \n \n \nTotal \nFor the Three Months Ended September 30, 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nRevenues\n \n \n \n$\n \n52,217\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n52,217\n \n \n \nEquity in earnings of Sisecam Wyoming\n \n \n \n \n \n—\n \n \n \n \n \n \n \n8,109\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n8,109\n \n \n \nGain on asset sales and disposals\n \n \n \n \n \n1\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n1\n \n \n \nTotal revenues and other income\n \n \n \n$\n \n52,218\n \n \n \n \n \n$\n \n8,109\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n60,327\n \n \n \nAsset impairments\n \n \n \n$\n \n87\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n87\n \n \n \nNet income (loss)\n \n \n \n$\n \n40,644\n \n \n \n \n \n$\n \n8,085\n \n \n \n \n \n$\n \n(10,134\n \n)\n \n \n \n$\n \n38,595\n \n \n \nAdjusted EBITDA (1) \n \n \n$\n \n45,456\n \n \n \n \n \n$\n \n6,296\n \n \n \n \n \n$\n \n(5,935\n \n)\n \n \n \n$\n \n45,817\n \n \n \nCash flow provided by (used in) continuing operations:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nOperating activities\n \n \n \n$\n \n53,610\n \n \n \n \n \n$\n \n6,297\n \n \n \n \n \n$\n \n(5,762\n \n)\n \n \n \n$\n \n54,145\n \n \n \nInvesting activities\n \n \n \n$\n \n674\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n674\n \n \n \nFinancing activities\n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n(56,259\n \n)\n \n \n \n$\n \n(56,259\n \n)\n \nDistributable cash flow (1) \n \n \n$\n \n54,284\n \n \n \n \n \n$\n \n6,297\n \n \n \n \n \n$\n \n(5,762\n \n)\n \n \n \n$\n \n54,819\n \n \n \nFree cash flow (1) \n \n \n$\n \n54,283\n \n \n \n \n \n$\n \n6,297\n \n \n \n \n \n$\n \n(5,762\n \n)\n \n \n \n$\n \n54,818\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFor the Three Months Ended September 30, 2023 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nRevenues\n \n \n \n$\n \n73,112\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n73,112\n \n \n \nEquity in earnings of Sisecam Wyoming\n \n \n \n \n \n—\n \n \n \n \n \n \n \n12,401\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n12,401\n \n \n \nGain on asset sales and disposals\n \n \n \n \n \n854\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n854\n \n \n \nTotal revenues and other income\n \n \n \n$\n \n73,966\n \n \n \n \n \n$\n \n12,401\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n86,367\n \n \n \nAsset impairments\n \n \n \n$\n \n63\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n63\n \n \n \nNet income (loss)\n \n \n \n$\n \n61,009\n \n \n \n \n \n$\n \n12,348\n \n \n \n \n \n$\n \n(9,511\n \n)\n \n \n \n$\n \n63,846\n \n \n \nAdjusted EBITDA (1) \n \n \n$\n \n65,661\n \n \n \n \n \n$\n \n22,957\n \n \n \n \n \n$\n \n(5,669\n \n)\n \n \n \n$\n \n82,949\n \n \n \nCash flow provided by (used in) continuing operations:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nOperating activities\n \n \n \n$\n \n60,938\n \n \n \n \n \n$\n \n22,958\n \n \n \n \n \n$\n \n(4,954\n \n)\n \n \n \n$\n \n78,942\n \n \n \nInvesting activities\n \n \n \n$\n \n1,477\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n1,477\n \n \n \nFinancing activities\n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n(72,738\n \n)\n \n \n \n$\n \n(72,738\n \n)\n \nDistributable cash flow (1) \n \n \n$\n \n62,415\n \n \n \n \n \n$\n \n22,958\n \n \n \n \n \n$\n \n(4,954\n \n)\n \n \n \n$\n \n80,419\n \n \n \nFree cash flow (1) \n \n \n$\n \n61,560\n \n \n \n \n \n$\n \n22,958\n \n \n \n \n \n$\n \n(4,954\n \n)\n \n \n \n$\n \n79,564\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFor the Three Months Ended June 30, 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nRevenues\n \n \n \n$\n \n57,252\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n57,252\n \n \n \nEquity in earnings of Sisecam Wyoming\n \n \n \n \n \n—\n \n \n \n \n \n \n \n3,645\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n3,645\n \n \n \nGain on asset sales and disposals\n \n \n \n \n \n4,643\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n4,643\n \n \n \nTotal revenues and other income\n \n \n \n$\n \n61,895\n \n \n \n \n \n$\n \n3,645\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n65,540\n \n \n \nAsset impairments\n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \nNet income (loss)\n \n \n \n$\n \n52,729\n \n \n \n \n \n$\n \n3,619\n \n \n \n \n \n$\n \n(10,284\n \n)\n \n \n \n$\n \n46,064\n \n \n \nAdjusted EBITDA (1) \n \n \n$\n \n56,049\n \n \n \n \n \n$\n \n7,558\n \n \n \n \n \n$\n \n(5,931\n \n)\n \n \n \n$\n \n57,676\n \n \n \nCash flow provided by (used in) continuing operations:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nOperating activities\n \n \n \n$\n \n56,234\n \n \n \n \n \n$\n \n7,557\n \n \n \n \n \n$\n \n(7,162\n \n)\n \n \n \n$\n \n56,629\n \n \n \nInvesting activities\n \n \n \n$\n \n5,302\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n5,302\n \n \n \nFinancing activities\n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n(40,581\n \n)\n \n \n \n$\n \n(40,581\n \n)\n \nDistributable cash flow (1) \n \n \n$\n \n61,536\n \n \n \n \n \n$\n \n7,557\n \n \n \n \n \n$\n \n(7,162\n \n)\n \n \n \n$\n \n61,931\n \n \n \nFree cash flow (1) \n \n \n$\n \n56,893\n \n \n \n \n \n$\n \n7,557\n \n \n \n \n \n$\n \n(7,162\n \n)\n \n \n \n$\n \n57,288\n \n \n __________________ \n \n \n(1) \nSee \"Non-GAAP Financial Measures\" and reconciliation tables at the end of this release.\n \nNatural Resource Partners L.P. \nFinancial Tables \n(Unaudited) \n \n \nThe following table presents NRP's unaudited business results by segment for the nine months ended September 30, 2024 and 2023:\n \n \n \n \n \n \nOperating Segments \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nMineral \n \n \n \n \n \n \n \n \n \n \nCorporate and \n \n \n \n \n \n \n \n (In thousands) \n \n \nRights \n \n \nSoda Ash \n \n \nFinancing \n \n \nTotal \nFor the Nine Months Ended September 30, 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nRevenues\n \n \n \n$\n \n180,268\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n180,268\n \n \n \nEquity in earnings of Sisecam Wyoming\n \n \n \n \n \n—\n \n \n \n \n \n \n \n17,204\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n17,204\n \n \n \nGain on asset sales and disposals\n \n \n \n \n \n4,809\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n4,809\n \n \n \nTotal revenues and other income\n \n \n \n$\n \n185,077\n \n \n \n \n \n$\n \n17,204\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n202,281\n \n \n \nAsset impairments\n \n \n \n$\n \n87\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n87\n \n \n \nNet income (loss)\n \n \n \n$\n \n154,017\n \n \n \n \n \n$\n \n17,092\n \n \n \n \n \n$\n \n(30,237\n \n)\n \n \n \n$\n \n140,872\n \n \n \nAdjusted EBITDA (1) \n \n \n$\n \n166,798\n \n \n \n \n \n$\n \n28,002\n \n \n \n \n \n$\n \n(18,193\n \n)\n \n \n \n$\n \n176,607\n \n \n \nCash flow provided by (used in) continuing operations:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nOperating activities\n \n \n \n$\n \n179,593\n \n \n \n \n \n$\n \n28,002\n \n \n \n \n \n$\n \n(25,322\n \n)\n \n \n \n$\n \n182,273\n \n \n \nInvesting activities\n \n \n \n$\n \n6,788\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n6,788\n \n \n \nFinancing activities\n \n \n \n$\n \n(1,086\n \n)\n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n(169,064\n \n)\n \n \n \n$\n \n(170,150\n \n)\n \nDistributable cash flow (1) \n \n \n$\n \n186,381\n \n \n \n \n \n$\n \n28,002\n \n \n \n \n \n$\n \n(25,322\n \n)\n \n \n \n$\n \n189,061\n \n \n \nFree cash flow (1) \n \n \n$\n \n181,572\n \n \n \n \n \n$\n \n28,002\n \n \n \n \n \n$\n \n(25,322\n \n)\n \n \n \n$\n \n184,252\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFor the Nine Months Ended September 30, 2023 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nRevenues\n \n \n \n$\n \n217,258\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n217,258\n \n \n \nEquity in earnings of Sisecam Wyoming\n \n \n \n \n \n—\n \n \n \n \n \n \n \n58,633\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n58,633\n \n \n \nGain on asset sales and disposals\n \n \n \n \n \n955\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n955\n \n \n \nTotal revenues and other income\n \n \n \n$\n \n218,213\n \n \n \n \n \n$\n \n58,633\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n276,846\n \n \n \nAsset impairments\n \n \n \n$\n \n132\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n132\n \n \n \nNet income (loss)\n \n \n \n$\n \n182,400\n \n \n \n \n \n$\n \n58,408\n \n \n \n \n \n$\n \n(27,353\n \n)\n \n \n \n$\n \n213,455\n \n \n \nAdjusted EBITDA (1) \n \n \n$\n \n194,987\n \n \n \n \n \n$\n \n65,915\n \n \n \n \n \n$\n \n(17,157\n \n)\n \n \n \n$\n \n243,745\n \n \n \nCash flow provided by (used in) continuing operations:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nOperating activities\n \n \n \n$\n \n189,836\n \n \n \n \n \n$\n \n65,901\n \n \n \n \n \n$\n \n(22,545\n \n)\n \n \n \n$\n \n233,192\n \n \n \nInvesting activities\n \n \n \n$\n \n2,791\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n(10\n \n)\n \n \n \n$\n \n2,781\n \n \n \nFinancing activities\n \n \n \n$\n \n(583\n \n)\n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n(256,070\n \n)\n \n \n \n$\n \n(256,653\n \n)\n \nDistributable cash flow (1) \n \n \n$\n \n192,627\n \n \n \n \n \n$\n \n65,901\n \n \n \n \n \n$\n \n(22,555\n \n)\n \n \n \n$\n \n235,973\n \n \n \nFree cash flow (1) \n \n \n$\n \n191,666\n \n \n \n \n \n$\n \n65,901\n \n \n \n \n \n$\n \n(22,555\n \n)\n \n \n \n$\n \n235,012\n \n \n __________________ \n \n \n(1) \nSee \"Non-GAAP Financial Measures\" and reconciliation tables at the end of this release.\n \nNatural Resource Partners L.P. \nFinancial Tables \n(Unaudited) \nOperating Statistics - Mineral Rights \n \n \n \n \nFor the Three Months Ended \n \n \nFor the Nine Months Ended \n \n \n \n \nSeptember 30, \n \n \nJune 30, \n \n \nSeptember 30, (In thousands, except per ton data) \n \n \n2024 \n \n \n2023 \n \n \n2024 \n \n \n2024 \n \n \n2023 \nCoal sales volumes (tons)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nAppalachia\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNorthern\n \n \n \n \n \n470\n \n \n \n \n \n \n \n284\n \n \n \n \n \n \n \n129\n \n \n \n \n \n \n \n716\n \n \n \n \n \n \n \n1,053\n \n \n \nCentral\n \n \n \n \n \n3,507\n \n \n \n \n \n \n \n3,429\n \n \n \n \n \n \n \n3,456\n \n \n \n \n \n \n \n10,677\n \n \n \n \n \n \n \n10,390\n \n \n \nSouthern\n \n \n \n \n \n705\n \n \n \n \n \n \n \n741\n \n \n \n \n \n \n \n709\n \n \n \n \n \n \n \n1,984\n \n \n \n \n \n \n \n2,016\n \n \n \nTotal Appalachia\n \n \n \n \n \n4,682\n \n \n \n \n \n \n \n4,454\n \n \n \n \n \n \n \n4,294\n \n \n \n \n \n \n \n13,377\n \n \n \n \n \n \n \n13,459\n \n \n \nIllinois Basin\n \n \n \n \n \n1,128\n \n \n \n \n \n \n \n2,541\n \n \n \n \n \n \n \n1,342\n \n \n \n \n \n \n \n4,503\n \n \n \n \n \n \n \n5,482\n \n \n \nNorthern Powder River Basin\n \n \n \n \n \n944\n \n \n \n \n \n \n \n1,364\n \n \n \n \n \n \n \n567\n \n \n \n \n \n \n \n2,460\n \n \n \n \n \n \n \n3,330\n \n \n \nGulf Coast\n \n \n \n \n \n436\n \n \n \n \n \n \n \n479\n \n \n \n \n \n \n \n435\n \n \n \n \n \n \n \n1,136\n \n \n \n \n \n \n \n676\n \n \n \nTotal coal sales volumes\n \n \n \n \n \n7,190\n \n \n \n \n \n \n \n8,838\n \n \n \n \n \n \n \n6,638\n \n \n \n \n \n \n \n21,476\n \n \n \n \n \n \n \n22,947\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCoal royalty revenue per ton\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nAppalachia\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNorthern\n \n \n \n$\n \n2.34\n \n \n \n \n \n$\n \n5.54\n \n \n \n \n \n$\n \n4.74\n \n \n \n \n \n$\n \n2.70\n \n \n \n \n \n$\n \n7.59\n \n \n \nCentral\n \n \n \n \n \n6.55\n \n \n \n \n \n \n \n8.20\n \n \n \n \n \n \n \n7.34\n \n \n \n \n \n \n \n7.34\n \n \n \n \n \n \n \n8.89\n \n \n \nSouthern\n \n \n \n \n \n9.56\n \n \n \n \n \n \n \n11.88\n \n \n \n \n \n \n \n10.19\n \n \n \n \n \n \n \n10.37\n \n \n \n \n \n \n \n12.41\n \n \n \nIllinois Basin\n \n \n \n \n \n1.76\n \n \n \n \n \n \n \n3.98\n \n \n \n \n \n \n \n2.47\n \n \n \n \n \n \n \n2.33\n \n \n \n \n \n \n \n3.63\n \n \n \nNorthern Powder River Basin\n \n \n \n \n \n4.82\n \n \n \n \n \n \n \n4.86\n \n \n \n \n \n \n \n4.99\n \n \n \n \n \n \n \n4.87\n \n \n \n \n \n \n \n4.74\n \n \n \nGulf Coast\n \n \n \n \n \n0.84\n \n \n \n \n \n \n \n0.69\n \n \n \n \n \n \n \n0.77\n \n \n \n \n \n \n \n0.79\n \n \n \n \n \n \n \n0.68\n \n \n \nCombined average coal royalty revenue per ton\n \n \n \n \n \n5.24\n \n \n \n \n \n \n \n6.29\n \n \n \n \n \n \n \n5.98\n \n \n \n \n \n \n \n5.78\n \n \n \n \n \n \n \n7.04\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCoal royalty revenues\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nAppalachia\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNorthern\n \n \n \n$\n \n1,100\n \n \n \n \n \n$\n \n1,573\n \n \n \n \n \n$\n \n612\n \n \n \n \n \n$\n \n1,930\n \n \n \n \n \n$\n \n7,991\n \n \n \nCentral\n \n \n \n \n \n22,958\n \n \n \n \n \n \n \n28,111\n \n \n \n \n \n \n \n25,378\n \n \n \n \n \n \n \n78,328\n \n \n \n \n \n \n \n92,362\n \n \n \nSouthern\n \n \n \n \n \n6,743\n \n \n \n \n \n \n \n8,806\n \n \n \n \n \n \n \n7,226\n \n \n \n \n \n \n \n20,571\n \n \n \n \n \n \n \n25,024\n \n \n \nTotal Appalachia\n \n \n \n \n \n30,801\n \n \n \n \n \n \n \n38,490\n \n \n \n \n \n \n \n33,216\n \n \n \n \n \n \n \n100,829\n \n \n \n \n \n \n \n125,377\n \n \n \nIllinois Basin\n \n \n \n \n \n1,987\n \n \n \n \n \n \n \n10,108\n \n \n \n \n \n \n \n3,312\n \n \n \n \n \n \n \n10,510\n \n \n \n \n \n \n \n19,924\n \n \n \nNorthern Powder River Basin\n \n \n \n \n \n4,546\n \n \n \n \n \n \n \n6,627\n \n \n \n \n \n \n \n2,831\n \n \n \n \n \n \n \n11,976\n \n \n \n \n \n \n \n15,768\n \n \n \nGulf Coast\n \n \n \n \n \n366\n \n \n \n \n \n \n \n330\n \n \n \n \n \n \n \n336\n \n \n \n \n \n \n \n902\n \n \n \n \n \n \n \n461\n \n \n \nUnadjusted coal royalty revenues\n \n \n \n \n \n37,700\n \n \n \n \n \n \n \n55,555\n \n \n \n \n \n \n \n39,695\n \n \n \n \n \n \n \n124,217\n \n \n \n \n \n \n \n161,530\n \n \n \nCoal royalty adjustment for minimum leases\n \n \n \n \n \n(95\n \n)\n \n \n \n \n \n(11\n \n)\n \n \n \n \n \n(10\n \n)\n \n \n \n \n \n(109\n \n)\n \n \n \n \n \n(3\n \n)\n \nTotal coal royalty revenues\n \n \n \n$\n \n37,605\n \n \n \n \n \n$\n \n55,544\n \n \n \n \n \n$\n \n39,685\n \n \n \n \n \n$\n \n124,108\n \n \n \n \n \n$\n \n161,527\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nOther revenues\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nProduction lease minimum revenues\n \n \n \n$\n \n437\n \n \n \n \n \n$\n \n850\n \n \n \n \n \n$\n \n412\n \n \n \n \n \n$\n \n1,773\n \n \n \n \n \n$\n \n2,025\n \n \n \nMinimum lease straight-line revenues\n \n \n \n \n \n4,117\n \n \n \n \n \n \n \n4,464\n \n \n \n \n \n \n \n4,126\n \n \n \n \n \n \n \n12,414\n \n \n \n \n \n \n \n13,414\n \n \n \nCarbon neutral initiative revenues\n \n \n \n \n \n(39\n \n)\n \n \n \n \n \n681\n \n \n \n \n \n \n \n2,200\n \n \n \n \n \n \n \n4,322\n \n \n \n \n \n \n \n2,914\n \n \n \nWheelage revenues\n \n \n \n \n \n2,072\n \n \n \n \n \n \n \n2,385\n \n \n \n \n \n \n \n2,338\n \n \n \n \n \n \n \n7,082\n \n \n \n \n \n \n \n9,538\n \n \n \nProperty tax revenues\n \n \n \n \n \n1,809\n \n \n \n \n \n \n \n1,770\n \n \n \n \n \n \n \n1,545\n \n \n \n \n \n \n \n5,246\n \n \n \n \n \n \n \n4,710\n \n \n \nCoal overriding royalty revenues\n \n \n \n \n \n227\n \n \n \n \n \n \n \n827\n \n \n \n \n \n \n \n668\n \n \n \n \n \n \n \n2,064\n \n \n \n \n \n \n \n1,165\n \n \n \nLease amendment revenues\n \n \n \n \n \n1,071\n \n \n \n \n \n \n \n623\n \n \n \n \n \n \n \n712\n \n \n \n \n \n \n \n2,485\n \n \n \n \n \n \n \n2,322\n \n \n \nAggregates royalty revenues\n \n \n \n \n \n662\n \n \n \n \n \n \n \n736\n \n \n \n \n \n \n \n730\n \n \n \n \n \n \n \n2,164\n \n \n \n \n \n \n \n2,175\n \n \n \nOil and gas royalty revenues\n \n \n \n \n \n1,317\n \n \n \n \n \n \n \n324\n \n \n \n \n \n \n \n1,999\n \n \n \n \n \n \n \n6,956\n \n \n \n \n \n \n \n5,126\n \n \n \nOther revenues\n \n \n \n \n \n1,127\n \n \n \n \n \n \n \n329\n \n \n \n \n \n \n \n176\n \n \n \n \n \n \n \n3,754\n \n \n \n \n \n \n \n895\n \n \n \nTotal other revenues\n \n \n \n$\n \n12,800\n \n \n \n \n \n$\n \n12,989\n \n \n \n \n \n$\n \n14,906\n \n \n \n \n \n$\n \n48,260\n \n \n \n \n \n$\n \n44,284\n \n \n \nRoyalty and other mineral rights\n \n \n \n$\n \n50,405\n \n \n \n \n \n$\n \n68,533\n \n \n \n \n \n$\n \n54,591\n \n \n \n \n \n$\n \n172,368\n \n \n \n \n \n$\n \n205,811\n \n \n \nTransportation and processing services revenues\n \n \n \n \n \n1,812\n \n \n \n \n \n \n \n4,579\n \n \n \n \n \n \n \n2,661\n \n \n \n \n \n \n \n7,900\n \n \n \n \n \n \n \n11,447\n \n \n \nGain on asset sales and disposals\n \n \n \n \n \n1\n \n \n \n \n \n \n \n854\n \n \n \n \n \n \n \n4,643\n \n \n \n \n \n \n \n4,809\n \n \n \n \n \n \n \n955\n \n \n \nTotal Mineral Rights segment revenues and other income\n \n \n \n$\n \n52,218\n \n \n \n \n \n$\n \n73,966\n \n \n \n \n \n$\n \n61,895\n \n \n \n \n \n$\n \n185,077\n \n \n \n \n \n$\n \n218,213\n \n \n \nNatural Resource Partners L.P. \nReconciliation of Non-GAAP Measures \n(Unaudited) \nAdjusted EBITDA \n \n \n \n \nMineral \n \n \n \n \n \n \n \n \n \n \nCorporate and \n \n \n \n \n \n \n \n (In thousands) \n \n \nRights \n \n \nSoda Ash \n \n \nFinancing \n \n \nTotal \nFor the Three Months Ended September 30, 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNet income (loss)\n \n \n \n$\n \n40,644\n \n \n \n \n \n$\n \n8,085\n \n \n \n \n \n$\n \n(10,134\n \n)\n \n \n \n$\n \n38,595\n \n \n \nLess: equity earnings from unconsolidated investment\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(8,109\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(8,109\n \n)\n \nAdd: total distributions from unconsolidated investment\n \n \n \n \n \n—\n \n \n \n \n \n \n \n6,320\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n6,320\n \n \n \nAdd: interest expense, net\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n4,194\n \n \n \n \n \n \n \n4,194\n \n \n \nAdd: depreciation, depletion and amortization\n \n \n \n \n \n4,725\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n5\n \n \n \n \n \n \n \n4,730\n \n \n \nAdd: asset impairments\n \n \n \n \n \n87\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n87\n \n \n \nAdjusted EBITDA\n \n \n \n$\n \n45,456\n \n \n \n \n \n$\n \n6,296\n \n \n \n \n \n$\n \n(5,935\n \n)\n \n \n \n$\n \n45,817\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFor the Three Months Ended September 30, 2023 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNet income (loss)\n \n \n \n$\n \n61,009\n \n \n \n \n \n$\n \n12,348\n \n \n \n \n \n$\n \n(9,511\n \n)\n \n \n \n$\n \n63,846\n \n \n \nLess: equity earnings from unconsolidated investment\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(12,401\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(12,401\n \n)\n \nAdd: total distributions from unconsolidated investment\n \n \n \n \n \n—\n \n \n \n \n \n \n \n23,010\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n23,010\n \n \n \nAdd: interest expense, net\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n3,837\n \n \n \n \n \n \n \n3,837\n \n \n \nAdd: depreciation, depletion and amortization\n \n \n \n \n \n4,589\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n5\n \n \n \n \n \n \n \n4,594\n \n \n \nAdd: asset impairments\n \n \n \n \n \n63\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n63\n \n \n \nAdjusted EBITDA\n \n \n \n$\n \n65,661\n \n \n \n \n \n$\n \n22,957\n \n \n \n \n \n$\n \n(5,669\n \n)\n \n \n \n$\n \n82,949\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFor the Three Months Ended June 30, 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNet income (loss)\n \n \n \n$\n \n52,729\n \n \n \n \n \n$\n \n3,619\n \n \n \n \n \n$\n \n(10,284\n \n)\n \n \n \n$\n \n46,064\n \n \n \nLess: equity earnings from unconsolidated investment\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(3,645\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(3,645\n \n)\n \nAdd: total distributions from unconsolidated investment\n \n \n \n \n \n—\n \n \n \n \n \n \n \n7,584\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n7,584\n \n \n \nAdd: interest expense, net\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n4,349\n \n \n \n \n \n \n \n4,349\n \n \n \nAdd: depreciation, depletion and amortization\n \n \n \n \n \n3,320\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n4\n \n \n \n \n \n \n \n3,324\n \n \n \nAdd: asset impairments\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \nAdjusted EBITDA\n \n \n \n$\n \n56,049\n \n \n \n \n \n$\n \n7,558\n \n \n \n \n \n$\n \n(5,931\n \n)\n \n \n \n$\n \n57,676\n \n \n \nNatural Resource Partners L.P. \nReconciliation of Non-GAAP Measures \n(Unaudited) \nAdjusted EBITDA \n \n \n \n \nMineral \n \n \n \n \n \n \n \n \n \n \nCorporate and \n \n \n \n \n \n \n \n (In thousands) \n \n \nRights \n \n \nSoda Ash \n \n \nFinancing \n \n \nTotal \nFor the Nine Months Ended September 30, 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNet income (loss)\n \n \n \n$\n \n154,017\n \n \n \n \n \n$\n \n17,092\n \n \n \n \n \n$\n \n(30,237\n \n)\n \n \n \n$\n \n140,872\n \n \n \nLess: equity earnings from unconsolidated investment\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(17,204\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(17,204\n \n)\n \nAdd: total distributions from unconsolidated investment\n \n \n \n \n \n—\n \n \n \n \n \n \n \n28,114\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n28,114\n \n \n \nAdd: interest expense, net\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n12,030\n \n \n \n \n \n \n \n12,030\n \n \n \nAdd: depreciation, depletion and amortization\n \n \n \n \n \n12,694\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n14\n \n \n \n \n \n \n \n12,708\n \n \n \nAdd: asset impairments\n \n \n \n \n \n87\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n87\n \n \n \nAdjusted EBITDA\n \n \n \n$\n \n166,798\n \n \n \n \n \n$\n \n28,002\n \n \n \n \n \n$\n \n(18,193\n \n)\n \n \n \n$\n \n176,607\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFor the Nine Months Ended September 30, 2023 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNet income (loss)\n \n \n \n$\n \n182,400\n \n \n \n \n \n$\n \n58,408\n \n \n \n \n \n$\n \n(27,353\n \n)\n \n \n \n$\n \n213,455\n \n \n \nLess: equity earnings from unconsolidated investment\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(58,633\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n(58,633\n \n)\n \nAdd: total distributions from unconsolidated investment\n \n \n \n \n \n—\n \n \n \n \n \n \n \n66,140\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n66,140\n \n \n \nAdd: interest expense, net\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n10,182\n \n \n \n \n \n \n \n10,182\n \n \n \nAdd: depreciation, depletion and amortization\n \n \n \n \n \n12,455\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n14\n \n \n \n \n \n \n \n12,469\n \n \n \nAdd: asset impairments\n \n \n \n \n \n132\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n132\n \n \n \nAdjusted EBITDA\n \n \n \n$\n \n194,987\n \n \n \n \n \n$\n \n65,915\n \n \n \n \n \n$\n \n(17,157\n \n)\n \n \n \n$\n \n243,745\n \n \n \nNatural Resource Partners L.P. \nReconciliation of Non-GAAP Measures \n(Unaudited) \nDistributable Cash Flow and Free Cash Flow \n \n \n \n \nMineral \n \n \n \n \n \n \n \n \n \n \nCorporate and \n \n \n \n \n \n \n \n (In thousands) \n \n \nRights \n \n \nSoda Ash \n \n \nFinancing \n \n \nTotal \nFor the Three Months Ended September 30, 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNet cash provided by (used in) operating activities\n \n \n \n$\n \n53,610\n \n \n \n \n \n$\n \n6,297\n \n \n \n \n \n$\n \n(5,762\n \n)\n \n \n \n$\n \n54,145\n \n \n \nAdd: proceeds from asset sales and disposals\n \n \n \n \n \n1\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n1\n \n \n \nAdd: return of long-term contract receivable\n \n \n \n \n \n673\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n673\n \n \n \nLess: maintenance capital expenditures\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \nDistributable cash flow\n \n \n \n$\n \n54,284\n \n \n \n \n \n$\n \n6,297\n \n \n \n \n \n$\n \n(5,762\n \n)\n \n \n \n$\n \n54,819\n \n \n \nLess: proceeds from asset sales and disposals\n \n \n \n \n \n(1\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(1\n \n)\n \nFree cash flow\n \n \n \n$\n \n54,283\n \n \n \n \n \n$\n \n6,297\n \n \n \n \n \n$\n \n(5,762\n \n)\n \n \n \n$\n \n54,818\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNet cash provided by investing activities\n \n \n \n$\n \n674\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n674\n \n \n \nNet cash used in financing activities\n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n(56,259\n \n)\n \n \n \n$\n \n(56,259\n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFor the Three Months Ended September 30, 2023 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNet cash provided by (used in) operating activities\n \n \n \n$\n \n60,938\n \n \n \n \n \n$\n \n22,958\n \n \n \n \n \n$\n \n(4,954\n \n)\n \n \n \n$\n \n78,942\n \n \n \nAdd: proceeds from asset sales and disposals\n \n \n \n \n \n855\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n855\n \n \n \nAdd: return of long-term contract receivable\n \n \n \n \n \n622\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n622\n \n \n \nLess: maintenance capital expenditures\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \nDistributable cash flow\n \n \n \n$\n \n62,415\n \n \n \n \n \n$\n \n22,958\n \n \n \n \n \n$\n \n(4,954\n \n)\n \n \n \n$\n \n80,419\n \n \n \nLess: proceeds from asset sales and disposals\n \n \n \n \n \n(855\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(855\n \n)\n \nFree cash flow\n \n \n \n$\n \n61,560\n \n \n \n \n \n$\n \n22,958\n \n \n \n \n \n$\n \n(4,954\n \n)\n \n \n \n$\n \n79,564\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNet cash provided by investing activities\n \n \n \n$\n \n1,477\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n1,477\n \n \n \nNet cash used in financing activities\n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n(72,738\n \n)\n \n \n \n$\n \n(72,738\n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFor the Three Months Ended June 30, 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNet cash provided by (used in) operating activities\n \n \n \n$\n \n56,234\n \n \n \n \n \n$\n \n7,557\n \n \n \n \n \n$\n \n(7,162\n \n)\n \n \n \n$\n \n56,629\n \n \n \nAdd: proceeds from asset sales and disposals\n \n \n \n \n \n4,643\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n4,643\n \n \n \nAdd: return of long-term contract receivable\n \n \n \n \n \n659\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n659\n \n \n \nLess: maintenance capital expenditures\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \nDistributable cash flow\n \n \n \n$\n \n61,536\n \n \n \n \n \n$\n \n7,557\n \n \n \n \n \n$\n \n(7,162\n \n)\n \n \n \n$\n \n61,931\n \n \n \nLess: proceeds from asset sales and disposals\n \n \n \n \n \n(4,643\n \n)\n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(4,643\n \n)\n \nFree cash flow\n \n \n \n$\n \n56,893\n \n \n \n \n \n$\n \n7,557\n \n \n \n \n \n$\n \n(7,162\n \n)\n \n \n \n$\n \n57,288\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNet cash provided by investing activities\n \n \n \n$\n \n5,302\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n5,302\n \n \n \nNet cash used in financing activities\n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n—\n \n \n \n \n \n$\n \n(40,581\n \n)\n \n \n \n$\n \n(40,581\n \n)\n \nNatural Resource Partners L.P. \nReconciliation of Non-GAAP Measures \n(Unaudited) \nDistributable Cash Flow and Free Cash Flow \n \n \n \n \nMineral \n \n \n \n \n \n \n \n \n \n \nCorporate and \n \n \n \n \n \n \n \n (In thousands) \n \n \nRights \n \n \nSoda Ash \n \n \nFinancing \n \n \nTotal \nFor the Nine Months Ended September 30, 2024 \n \n \n \n \n \n \n ...
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